- 15 Marks
QTB – May 2015 – L1 – SB – Q3a – Operations Research
Determining the equilibrium price and quantity from demand and supply functions.
Question
A producer wishes to determine the equilibrium price and quantity of his goods in the
market. He estimated the market demand and supply functions as follows:
where P is the price in thousands of naira and q is quantity in thousands of units, calculate
the equilibrium price and quantity for the producer
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